Private Investment Management Disclosure

Commission DisclosureThe Private Investment Management (Commission-Based Pricing) program is a discretionary advisory program whereby Baird charges a commission per transaction. The following summarizes the minimum/maximum commissions that may be charged in this program. This commission information supersedes any prior notices, and Baird reserves the right to change minimum/maximum commissions at Baird’s sole discretion. Other fees may apply. Please refer to your Form ADV Part 2 Brochure, which you should have already received, for more information.